Finance

1 in 10 people fall victim to gift card scams, AARP says

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Around 1 in 10 people have fallen victim to gift card scams, according to a survey from AARP, the advocacy group for older Americans.

In these scams, criminals convince targets that they need to purchase a gift card, sometimes called an electronic voucher, to pay bills, taxes or some other financial obligation. The fraudster asks for the information on the back of the card so they can collect the prepaid value.

Gift cards have topped the list of reported fraud payment methods each year since 2018, according to the Federal Trade Commission.

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Source cnbc.com

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